Canyon Capital and Platinum Equity made a $3.2bn bid for Navient Corporation.

Canyon Capital and Platinum Equity made a $3.2bn bid for Navient Corporation, a US corporation based in Wilmington, Delaware, whose operations include servicing and collecting on student loans,. The $12.50 per share offer represents a premium of 6.6% over Navient’s most recent closing price on February 15, 2019 of $11.73 per share and a discount of 2.8% to the one-year volume-weighted average price of $12.86 per share. Navient rejected the offer. Navient said that the expression of interest is conditioned on additional due diligence and that Canyon and Platinum have not provided substantive information on how they would address the change of control provisions in the Company’s outstanding unsecured debt and the company’s warehouse financing facilities or how they would address the litigation and regulatory matters facing the company.